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The dollar strengthened against most currency counterparts
By: iForex - 25-03-2008
0votesThe dollar strengthened against most currency counterparts on Monday after a surprise jump in U.S. Existing Home Sales increased investor’s optimism over the economic outlook. The dollar rally was also supported by a mild rally in equities caused by JPMorgan Chase’s increase of the initial buyout offer for Bear Stearns, the troubled US investment bank. However, the dollar’s gains proved short-lived later in the NY session when a new wave of risk aversion swept through the markets, causing further dollar selling and carry trade liquidation.
The economic calendar today includes Canadian Retail Sales (12:30 PM GMT), as well as US Consumer Confidence and the Richmond Fed Survey (02:00 PM GMT)
Euro | Japanese Yen | British Pound
Euro
The EUR/USD opened around $1.5432 after the dollar strengthened on Monday due to better-than-expected US Existing Home Sales and a rally on Wall Street. The EUR/USD traded between $1.5408 and $1.5438 initially, but moved sharply higher later on as Central Banks bought on the dip. The pair continued higher until the 38.2% fibonacci retracement of the $1.5905 - $1.5342 drop at $1.5557 capped the move.
Support: 1.5400, 1.5350, 1.5300
Resistance: 1.5580, 1.5650, 1.5700
Euro | Japanese Yen | British Pound
Japanese Yen
USD/JPY rose from ¥100.55 through ¥101 to as high ¥101.04 before retracing its gains early into the London session due to risk aversion. The pair currently trades at ¥100.44.
Support: 100.00, 99.50, 99.00
Resistance: 100.50, 101.00, 101.50
Euro | Japanese Yen | British Pound
British Pound
The GBP/USD opened Asian trading at around $1.9890 and traded up to $1.9927 on increased risk appetite and a weaker dollar. The pair then dipped below $1.9900 before settling around $1.9910/15.
Support: 1.9850, 1.9770, 1.9720
Resistance: 1.9950, 1.9980, 2.0000
Euro | Japanese Yen | British Pound
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iFOREX is an international group of Forex companies founded in 1996 by a group of bankers and Forex dealers.
In 2004, with an existing wide client base numbering in the thousands, our multilingual internet-based trading platform was launched. Since then, iFOREX has expanded its client bas
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